What are Cash Loans?
Cash loans, otherwise known as short-term loans, or payday loans, are loans that work on an unsecured loan basis where you aren’t required to put capital forward to get your loan.
No matter how well you budget, there are times when you just need a little extra financial help before the end of the month comes around. Whether you’ve had to pay an unexpected expense, travel a long distance, or accidently overspent during the month, a cash loan can be a lifesaver.
Payday Loans versus Short-term Loans – What’s the Difference?
When you start browsing and comparing loan providers, you may find that some websites use payday loans and short-term loans interchangeable, which may cause confusion. Strictly speaking, a payday loan is a type of short term loan, which was designed to be repaid on your next payday and as such normally has a 30-odd day repayment period. However, the payday loan industry has faced global criticism over their extremely high rates and opportunistic pricing, which as prompted a lot of the more reputable lenders to reference short term loans instead to avoid any confusion.
In the context of South Africa however, the two types of loans are almost identical – generally, any loan with a repayment period of less than 30 days, can also be classed as a payday loan. For more information regarding payday loans and for a comparison of South Africa’s top payday loan lenders,
Fast Loans with EC Loans
All of our loans are finalized faster than you might imagine! When you’re in a bind the last thing you want to do is wait for weeks for your loan application to clear. Fast loans are our specialty. Online loans same day is our way.
When the banks says no we aim to say yes!
Once your application is approved you can credited with the advance within just a few hours. Because many of our clients apply for our loans when they need emergency funds, we make sure that we offer a service with speedy approval and access to funds as soon as possible.